16.5 Resolution 11/12-37 of the Board of Education of the Mt. Diablo Unified School District, Authorizing the Issuance of not to Exceed $227,000,000 of Mt. Diablo Unified School District General Obligation Bonds, 2010 Election, 20

Consideration of a Resolution authorizing the issuance of the fifth series of Bonds under the June 8, 2010 bond election (the “Election”). The proceeds of the Bonds would be used to finance capital improvements as approved by the voters at the Election. Currently low interest rates make it an optimal time to issue additional bonds so that the District can lock in low interest rates and minimize the interest to be paid on the Bonds.

Funding:

The Bonds are repaid from property taxes levied by the County on real property within the boundaries of the District, not from the District’s General Fund. Issuing the Bonds will increase the tax rate on property owners within the District but the District is taking advantage of historically low interest rates in an effort to keep the total tax levy as low as possible.

Fiscal Impact
:

All expenses of issuing the Bonds would be paid from proceeds of the Bonds so that no General Fund moneys are required to pay for costs of issuing the Bonds. Issuance of the Bonds would result in available moneys for the District to spend on capital projects listed in the Project List approved by the voters at the Election.

Recommendation:

Approval of resolution 11/12-37.

Approvals:

Recommended By:

Signed By:

Loreen Joseph - Secretary to the Superintendent

Signed By:

Steven Lawrence - Superintendent

Vote Results:

New Motion

Member (Gary Eberhart) Moved, Member (Linda Mayo) seconded to approve the New motion 'Approve 16.5 to make resolution so that changes reflect the will of the board around option 3 and land aquistion.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 4 Nay: 1.